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Wintergreen Studies Financial Security Options
Posted: 7:30 AM May 8, 2012
Wintergreen Resort officials are considering several options to improve the resort's financial security, including selling all or part of the property.
Other options include a joint venture with another entity and recapitalizing Wintergreen's balance sheet.
The Nelson County Times (http://bit.ly/yrRPh4 ) reports that vice president and chief financial officer Rob Sullivan described possible steps that could be taken in a statement released Monday.
The resort encountered financial problems earlier this year because of a mild winter, the loss of its $3 million line of credit with Bank of America and a tax credit dispute with the state.
Wintergreen asked its members for help and sent renewal notices for 2013 about four months earlier than usual. Sullivan says that effort raised about $4.1 million.
The resort also settled the tax credit dispute.
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